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The GBP/USD pair fell after initially trying to rally during the course of the day on Thursday. Ultimately, I believe there is quite a bit of support below, extending all the way down to the 1.20 level. Ultimately, I think that the market will continue to bounce as we try to build up enough momentum to break down. It isn’t necessarily the easiest thing to do, but eventually I think we will. At that point in time, the market should then reach down to the 1.15 level below which is massively supportive on the monthly chart. Rallies continue to be selling opportunities.

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